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RBI Allows Interoperability Among NBFC-Account Aggregators
The Reserve Bank of India authorises interoperability among NBFC-Account Aggregators, enabling financial information to be aggregated across different Account Aggregators for a consolidated view of assets. The RBI also facilitates SEBI-regulated depositories to include deposit account information in consolidated account statements, with implementation mandated by December 31, 2026.
RBI Interoperability for NBFC-AAs and CAS:
| Dimension | Key Details |
|---|---|
| Status of Account Aggregators | Account Aggregators (AAs) are entities registered as NBFCs under the RBI’s framework. |
| Core function of AAs | Account Aggregators facilitate the secure sharing of financial information based on customer consent. |
| Role in financial information sharing | Account Aggregators act as a bridge between financial institutions and users, enabling financial information to be shared with entities that need it for purposes such as lending or financial management. |
| Consent-based architecture | The system is governed by consent-based access to financial information, allowing users greater control over how their financial data is shared. |
| Asset ownership | The Account Aggregator framework provides for data flow facilitation without the AA becoming the owner of the customer’s financial assets. |
| Registered AAs | There are around 17 Account Aggregators registered under the RBI’s NBFC-AA category. |
| Interoperability change | The RBI authorises interoperability, meaning information can be aggregated across different Account Aggregators. |
| CAS limitation | A Consolidated Account Statement (CAS) provides information on either banking assets such as deposits or dematerialised holdings such as stocks, mutual funds, and bonds. |
| Assets covered in consolidated statement | The consolidated statement comprises: fixed deposits, recurring deposits, stocks, mutual funds, bonds and other securities, and other financial instruments regulated by the RBI and SEBI. |
| Banking-side coverage limitation | On the banking side, the consolidated view applies to assets such as deposits and does not cover loans. |
| Regulatory domains | Bank deposits fall within the regulatory domain of the RBI, while securities and depositories are regulated by SEBI. |
| Potential expansion | Integration of insurance into the Account Aggregator ecosystem is identified as a potential area, and such integration would require cooperation involving the Insurance Regulatory and Development Authority of India (IRDAI), the RBI, and SEBI. |